Seoul's Onse Files for Receivership

Updated April 14, 2003 5:10 p.m. ET

Onse Telecommunications Co. has filed for court receivership owing to a severe cash crunch, a company official said. The fall of the unlisted Onse (www.onsetel.co.kr), one of South Korea's small broadband Internet and fixed-line telephone service providers, follows the collapse of rival Korea Thrunet Co. Onse failed to raise fresh capital to pay short-term debt, as banks became stricter in lending to telecommunications firms after the collapse of Thrunet (www.english.thrunet.com), said an Onse spokeswoman. Onse posted a loss of 7.7 billion won ($6.3 million) in 2002 on sales of 360 billion won. It had 420 billion won...